Anas Sarwar confirms probe after Scottish Labour MP’s husband accused of spying for China
Scottish Labour leader Anas Sarwar has confirmed the party is “looking into” the circumstances after an MP’s husband was arrested over allegations he was spying for China.
David Taylor, the husband of East Kilbride and Strathaven MP Joani Reid, and two other men were arrested by counter-terrorism officers at addresses in London and Wales on Wednesday.
After he was arrested, the Scottish Labour MP released a statement saying she had “never seen anything to make me suspect my husband has broken any law”. Ms Reid added: “I am not part of my husband’s business activities.”
Speaking to journalists on Thursday at the Scottish Parliament, Mr Sarwar described the situation as “deeply concerning” and said he wanted to “get to the bottom of these matters”.
He said: “This is incredibly serious, deeply concerning, a matter of national security rightly being investigated by the police. And that needs to be a thorough investigation so we can get to the bottom of it.
“It’s deeply concerning right across the political spectrum. I think the scale of international interference now in our broader politics is really, really serious.
“I think we’ve seen international interference in our elections, in our day-to-day democracy that is a matter of national security on this specific case, of course, this requires a full and thorough police investigation. We have to get to the bottom of these matters.”
Pressed on the issue, he added: “As relates to our own colleague in the Scottish Labour Party, as I say, we have an independent governance and legal unit that is looking at these matters, and we’ll be making judgments.”
Asked if Ms Reid should be suspended, he added: “Rightly, this is an independent governance and legal unit process. We are looking at all the questions that arise from this and we will be making judgements later.”
He was also asked whether Mr Taylor was a member of the Labour Party. “I’m not sure whether he is a member, whether he’d be a member of the Scottish Labour Party, or, indeed, a member elsewhere, but we can look into that and come back to you,” he said.
“But if that is the case, I’m sure his membership will be suspended.”
Mr Taylor, a former advisor to ex-Welsh Secretary Lord Peter Hain who now works for the think tank Asia House, is associated with companies called Earthcott Ltd, a public relations company, and Moblake Associates Ltd, a management consultancy that dissolved in 2024.
Documents show that Earthcott and Moblake gave interest-free loans worth £23,393 in 2023 to Reid Strategies, a company of which Ms Reid was the sole director, with no date to pay the money back.
The Independent has contacted Ms Reid over the loans but an ally has pointed out that Reid Strategies was wound up before she became an MP at the general election on 4 July 2024.
Mr Taylor, 39, and the other two arrested men, aged 43 and 68, have now been released on bail until May.
Commander Helen Flanagan, head of Counter Terrorism Policing London, said: “We have seen a significant increase in our casework relating to national security in recent years, and we continue to work extremely closely with our partners to help keep the country safe and take action to disrupt malign activity where we suspect it.
“These arrests are part of a proactive investigation, and while these are serious matters, we do not believe there to be any imminent or direct threat to the public relating to this. Our investigation continues, and we thank the public for their ongoing support.”
The arrests come at a time of heightened concerns about China trying to spy on British democracy after recriminations over the collapse of a court case last year involving a parliamentary researcher and a teacher. Both denied any wrongdoing.
There have also been concerns expressed in the Commons over China being permitted to build a super embassy in London just days before Sir Keir Starmer made a trip to Beijing.
Addressing the latest arrests in parliament, security minister Dan Jarvis warned there will be “severe consequences” if it is proven that China attempted to interfere with UK sovereign affairs. Mr Jarvis said the investigation “relates to China” and “foreign interference targeting UK democracy”.
He told MPs: “Let me be clear, if there is proven evidence of attempts by China to interfere with UK sovereign affairs, we will impose severe consequences and hold all actors involved to account.
“The government is taking robust action to ensure the UK’s democratic institutions and processes are a hard target for this activity. The National Security Act provides our intelligence agencies and law enforcement with the modern legal tools they need to deter, detect and disrupt the full range of state threats.
“The action counterterrorism police have been able to take this morning is an example that legislation is working well.”
The Peaky Blinders movie doesn’t need to exist
I will concede this to the flat-capped and pocket-watched fleet of Peaky Blinders zealots: there is something mightily compelling about watching Cillian Murphy’s Tommy Shelby stride in slow motion through fog, suited and pistol bared, as Fontaines DC’s Grian Chatten growls so loudly it threatens to shake the speakers off their perch.
He’s a character so embedded in British pop culture that in The Immortal Man, his feature-length swan song, when he encounters a soldier at a bar who spits out derisively, “who the f*** is Thomas Shelby?”, the whole cinema audience responded by hooting with laughter. Tommy responds by shoving a grenade down the man’s shirt.
The Immortal Man exists purely to spin out that mythology one more time, with Murphy having formally retired the role ahead of a new prequel series. Clearly, it’s intended as a bridge between the two shows, though what it actually contributes in terms of thematic or narrative development is negligible. Season six already did the necessary work.
That said, Steven Knight’s small screen empire (from Peaky Blinders and Taboo to A Thousand Blows and House of Guinness) is united by a common vision: you can sloppily chip away at history all you like, but if it’s bombastic enough in its delivery, then it’s all the easier to surrender to its pleasures. And, when a Knight project is at its most enjoyable, it’s usually because he’s placed someone at its centre as formidably talented as Murphy.
Tommy Shelby is one of the actor’s cornerstone performances, because he can level all that early 20th-century Brummie crime boss braggadocio with the soul of an innate philosopher. In Murphy’s hands, it’s never mere macho stoicism – we fully understand Tommy as a man buckled by accumulated loss and violence. And he’s as good as ever in The Immortal Man, though he’s found a true successor in Barry Keoghan, taking over from Conrad Khan as Tommy’s illegitimate son, Erasmus “Duke” Shelby.
Keoghan’s swagger is more mischievous in nature, but he shares with Murphy the same ability to poke holes in his own charisma so we can glimpse the vulnerability behind it. He’s a natural fit for Peaky Blinders. In fact, it’s a little too natural – Duke’s a cookie-cutter Keoghan role, the rogue element who ends up humbled with his face down in the mud (literally this time).
Duke, in Tommy’s noted absence, is now in charge of the Peaky Blinders. The year is 1940. But as Tommy’s sister Ada (Sophie Rundle) warns, he’s running the gang like it’s “1919 again”. He was abandoned by his father (twice), so deems any form of allegiance as futile. He’ll happily steal munitions from the army and conspire with a fascist (Tim Roth’s Beckett) to help flood the British economy with forged notes, and potentially win the war for the Nazis, as long as he gets a decent pay cut.
There’s not much meat on the bones of Duke’s character there, and neither is there on Rebecca Ferguson’s mysterious Romany woman Kaulo, who crashes Tommy’s self-imposed exile out in a countryside mansion. He’s been busy chatting up ghosts of his dead loved ones, pausing occasionally to write a few more chapters of his autobiography and solemnly wear a turtleneck.
But Kaulo has her own connection to the other side (the film, as the series did before it, plays fast, loose, and carelessly with Romany culture) and she brings a message that will have Tommy slap back on the suit and the flat cap to ride out for a final mission. In slow motion. Through fog. While guitars scream in back (new music includes a slowed-down version of Nick Cave’s “Red Right Hand”, contributions by Amy Taylor from Amyl and the Sniffers, and two Massive Attack covers). What’s worked before works here just as well. Tommy Shelby persists.
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Dir: Tom Harper. Starring: Cillian Murphy, Rebecca Ferguson, Tim Roth, Sophie Rundle, Barry Keoghan, Stephen Graham. Cert 15, 112 minutes
‘Peaky Blinders: The Immortal Man’ is in cinemas from 6 March, and streams on Netflix from 20 March
Britney Spears arrested and charged with DUI in California
Britney Spears has been arrested in California for allegedly driving under the influence.
Spears, 44, was pulled over Wednesday night by California Highway Patrol officers, according to the Ventura County Sheriff’s Office’s inmate records.
She was booked by the sheriff’s office around 3 a.m. Wednesday, and was released from custody hours later.
Spears is due in court on May 4.
The Independent has reached out to representatives of Spears for comment.
Spears — who appears to have deleted her Instagram profile yet again following her arrest — faced legal trouble in 2007 when she allegedly hit a parked car in Los Angeles, resulting in four misdemeanor charges and a jail sentence.
The charges were later dropped and Spears avoided jail time after a jury acquitted her of driving without a California license.
Shortly after that incident, Spears lost custody of her two sons with her ex-husband Kevin Federline: 20-year-old Sean Preston Federline and 19-year-old Jayden James Federline. In 2008, she was placed into a conservatorship, leaving her personal finances and affairs under the control of her father Jamie Spears.
The controversial legal arrangement came to an end in November 2021, 13 years after it was put in place.
Spears remained estranged from them until late 2024 when she reunited with Jayden.
In January, Spears posted an old tour photograph of herself sat on stage at a white piano. She captioned the image: “Sending this piano to my son this year!!! Interestingly enough, I dance on IG to heal things in my body that people have no idea about. Yup and it’s embarrassing sometimes… but I walked through the fire to save my life…”
She continued: “I will never perform in the U.S. again because of extremely sensitive reasons but I hope to be sitting on a stool with a red rose in my hair, in a bun, performing with my son… in the UK and AUSTRALIA very soon. He’s a huge star and I’m so humbled to be in his presence!!! God speed, little man!!!”
Last March, she shared videos of Jayden rapping and playing the piano and described him as a “genius.”
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In one video, the “Toxic” singer could be heard shouting in excitement: “My son just played, oh my God! I felt it in my bones, and my heart, and my lungs.”
When Spears published her memoir The Woman in Me in 2023, she wrote as a dedication in the book: “For my boys, who are the loves of my life.”
England facing record chase against India in T20 World Cup semi-final
England face a tough task in a T20 World Cup semi-final rematch against tournament co-hosts India at the Wankhede Stadium in Mumbai this afternoon.
The sides squared off at this same stage 21 months ago, when India crushed their Jos Buttler-led opponents by 68 runs in Guyana en route to lifting the T20 World Cup for the first time since 2007.
England, now captained by Harry Brook, have made the semi-finals for a fifth straight T20 World Cup although it has been an up-and-down tournament that began with a heart-stoppingly narrow win over minnows Nepal, while they also survived a scare against underdogs Italy and lost to West Indies in the group stage. However, they found their form in the Super 8s with impressive wins over Sri Lanka, Pakistan and New Zealand.
Talisman Buttler is still struggling mightily with the bat, recording five single-digit scores in a row, and although he has been backed by his skipper Brook, India – who had to chase down 196 against West Indies in a winner-takes-all Super 8s clash just to reach the semi-finals – will surely target the 35-year-old as they try to defend their title.
OUT! Buttler b Varun 25, England 64-3
WICKET! Buttler has gone for 25. He misjudges the first Varun delivery that he’s faced, and he’s bowled clean.
England 64-2 (5), Bethell 25, Buttler 25, Varun 0-19 (1)
Varun has a horrid start to his over, Bethell hitting three consecutive sixes off the first three balls!
The last one is a superb reverse sweep, leaving Varun with his hands on his head.
Bethell takes a single to leave Buttler on strike…
England 45-2 (5), Bethell 7, Buttler 25, Bumrah 1-7 (1)
Jacob Bethell out next hoping to claw back some hope for England.
Not a bad start either, landing a six off the second delivery, but he can only take a single off the next three balls.
OUT! Brook c Axar b Bumrah 7, England 38-2
Jasprit Bumrah up next to try and cause trouble…and he does!
The most important Englnd wicket has fallen! Harry Brook hooks it high and Axar Patel makes up 20 yards or so and takes an accomplished catch with his back to the wicket.
A supremely hard run chase just got far more difficult for England.
England 38-1 (4), Brook 7, Buttler 25, Hardik 1-14 (2)
Two singles to begin with off the second over from Hardik.
Brook produces the best English shot of the day so far, hooking a high delivery back across for his first four.
Another single for Brook and Buttler finishes the over perfectly with a buge six.
England 25-1 (3), Brook 1, Buttler 18, Arshdeep 0-23 (2)
Dot ball off the first but Buttler does well to drive a four off the second delivery.
Two more dot balls before Buttler takes a double and then drives a four down the wicket to stabilise the visitors.
England 15-1 (2), Brook 1, Buttler 9, Hardik 1-2 (1)
Brook starts with a single.
Second ball, and it’s close to another wicket as well, Buttler doing well to avoid clipping it to the wicket keeper.
Hardik keeps Buttler guessing but he ends the over with a fortunate single.
OUT! Salt c Axar b Hardik 5, England 13-1
Oh no! The commentator’s curse perhaps.
Phil Salt is the first England player dismissed, hooking it high and leaving Axar Patel with an easy take for the first India wicket of the day.
England 13-0 (1), Salt 5, Buttler 8, Singh 0-13 (1)
Jos Buttler and Phil Salt out first for England, with Arshdeep Singh opening the bowling.
A decent start from Salt, scooping a four off his feet to begin with and then adding a single.
Buttler gets off the mark with his first shot too, finding the boundary for four and then getting a slice of luck as he slices through his own legs for another four.
A settled start for the visitors!
England chasing 254 runs
Both sides just taking the usual break before the England innings, with the India team warming up ahead of the deciding half of the match.
They must be supremely confident in Mumbai right now.
Lewis Hamilton implores people of Africa to ‘take back’ their continent
Lewis Hamilton has implored the people of Africa to “take back” their continent in an impassioned speech at the Australian Grand Prix on Thursday.
Hamilton, F1’s first black driver, has African heritage and has spent recent summer breaks travelling through several African countries, including Kenya, Rwanda and Benin.
The seven-time world champion, embarking on his 20th consecutive season and second with Ferrari, has also previously backed the staging of an F1 race in Africa, the only habitable continent the sport does not hold a grand prix. South Africa, Rwanda and Morocco have all declared an interest in recent years.
When asked about which African city Hamilton would like to see an F1 race in, the 41-year-old responded uninterrupted for three minutes straight as he spoke of his adoration for the continent and hope for change in the future.
“I’ve had the privilege… I’ve been to 10 countries now in Africa,” he said. “There’s still so much more for me to see. For the past six years, maybe seven, I’ve been fighting in the background to get a grand prix… sitting with stakeholders and asking the question, ‘why are we not in Africa? There’s one on every other continent, why not Africa?’
“I know they’re really trying. I think they’ve been to quite a few different countries. The ones that I’ve enjoyed the most: I loved Kenya. I don’t think we’re going to have a grand prix in Kenya, but Rwanda particularly was spectacular. Two places I felt like I could live.
“South Africa is stunning. I think those are the ones I think would be good places for us to potentially go to. I don’t want to leave the sport without having a grand prix there, without getting to race there, so I’m chasing them: ‘when is it going to be?!’
“They’re setting certain dates… I could be running out of time, so I’m going to be here for a while until that happens, because that would be amazing, given that I’m half African.
“I’ve got roots from a few different places there, like Togo and Benin. I went to visit Benin last year, Senegal and Nigeria. It’s something I’m really, really proud of. I’m really proud of that part of the world.”
Hamilton then stated his belief that Africa can become the “most powerful place in the world,” adding: “I don’t like that the rest of the world owns so much of it [Africa] and takes so much from it and no one speaks about it.
“I’m really hoping that the people who are running those different countries all unite and come together and take Africa back. That’s what I want to see. Take it back from the French, take it back from the Spanish, take it back from the Portuguese and the British. It’s so important for the future of that continent.
“They have all the resources to be the greatest and most powerful place in the world, and that’s probably why they are being controlled the way they are.”
Hamilton is looking to bounce back this season after a torrid first year with Ferrari, in which he failed to finish on the podium. The season-opener takes place in Melbourne on Sunday (4am GMT).
Why Gran Hotel Taoro is Tenerife’s must-book luxury stay for 2026
Tenerife’s iconic Gran Hotel Taoro holds a special place in Spanish history. As the first luxury hotel in Spain, opening its doors in 1890, it was a glamorous haven for high society, welcoming everyone from King Alfonso XIII and the Duke of Kent to author Agatha Christie.
Now, after a complete renovation, the landmark hotel has been reborn as an elegant 21st-century destination that’s ready to welcome you for the ultimate five-star break.
The hotel’s carefully preserved neo-classical architecture exudes old-world elegance, while colonial-inspired interiors in earthy tones and modern five-star comforts promise a stay that feels both timeless and contemporary.
Set on a lush hilltop in northern Tenerife and overlooking the historic town of Puerto de la Cruz, the hotel’s 199 rooms and suites make the most of its enviable location, featuring breathtaking panoramic views of Mount Teide – the highest point in Spain – the Atlantic Ocean, and the palm-dotted greenery of its terraces and surrounding botanical parks.
A feast for the senses
Prepare to embark on an unforgettable culinary journey throughout your stay, with exceptional restaurants celebrating local and international flavours.
At fusion restaurant OKA, helmed by Michelin-starred chef Ricardo Sanz, Japanese fine dining is given a mouthwatering Mediterranean twist.
Two-Michelin-starred chef Erlantz Gorostiza is the mastermind behind two more restaurants: Spanish gourmet bistro Amalur, with a menu inspired by the four elements; and fine dining restaurant Lava, whose exclusive setting includes a Chef’s Counter for six guests.
Breakfast at Atlantico Buffet is the perfect way to start the day as you savour delicious dishes alongside terrace views. For leisurely poolside lunches, La Carola is the place to be, serving Mediterranean flavours and crisp Canarian wines with a generous side of Tenerife sunshine.
The perfect stay
Secure your holiday to Gran Hotel Taoro with British Airways Holidays and enjoy a great-value holiday with quality and peace of mind. You’ll benefit from ATOL protection from the moment you book, a 24-hour helpline and a generous checked baggage allowance. Book your holiday with a low deposit and spread the cost with flexible payments* – so all that’s left to focus on is enjoying your holiday in style.
If you upgrade to Club Europe, you’ll enjoy a host of additional benefits including lounge access,** increased checked baggage allowance, and priority check-in and boarding. Members of The British Airways Club benefit from collecting Avios, earning tier points and using Avios towards the cost of holiday packages.
Pinnacle of luxury
Spend your days at the Gran Hotel Taoro relaxing by three heated pools, set amidst beautifully landscaped gardens and providing a postcard-perfect setting for some downtime.
If you want to up the relaxation factor further, head to the serene sanctuary of the Sandara Wellness Center, which offers a range of exclusive treatments in partnership with luxury French brand Anne Semonin.
Guests who want to explore the history, culture and natural wonders of the local area – including Puerto de la Cruz, the oldest tourist destination in the Canaries – can take advantage of the hotel’s new X-Plora programme, offering a range of tailor-made experiences both within and beyond the hotel grounds through the dedicated concierge team.
More than a luxury retreat, Gran Hotel Taoro is a grand hotel reborn: a destination where heritage, culture and five-star service come together in one of Tenerife’s most treasured and authentic settings. Book with British Airways Holidays to experience this Spanish icon’s remarkable return in 2026.
British Airways Holidays packages include a generous checked baggage allowance for each customer and come with full ATOL protection for complete peace of mind. Secure your Tenerife holiday to Gran Hotel Taoro with a low deposit and enjoy flexible payments until you fly*.
*Based on two sharing. Full balance due four weeks before departure. Subject to availability. T&Cs apply. **Subject to availability
Book with British Airways Holidays
• Secure your holiday with a low deposit and spread the cost with flexible payments.*
• All holiday packages include a generous checked baggage allowance.
• ATOL protection from the moment you book your holiday package giving you financial reassurance.
• Quality car hire with no hidden fees, 24-hour support and roadside assistance.
• Upgrade to Club Europe (Business Class) for a host of additional benefits including lounge access,** increased checked baggage allowance, delicious food and drink options and dedicated check-in and priority boarding.
• Members of The British Airways Club benefit from collecting Avios, earning tier points and using Avios towards the cost of holiday packages.
Westminster’s dancing MPs have stumbled upon a new rock bottom
Another day, another dismay for anyone who would like the people who run the country to try and give us at least the vaguest impression they know what they’re doing.
First, the thrusting young diplomat Ameer Kotecha wrote a scorching letter to The Times on why he had left the Foreign Office five months into his new job (being one of several thousand officials “invited to mark World Afro Day” on the day Kabul fell to the Taliban was just one ignominy).
Second, what can only be described as a cohort of MPs from across the party spectrum cheerfully crossed the floor at Portcullis House under the auspices of several Strictly Come Dancing alumni in a group cha-cha-cha. Optics, dear boy, optics.
After the many and varied heart attacks that the government’s comms team has experienced in office, the one they had yesterday was at least a cross-party effort.
Kotecha, rather wonderfully, wrote the late Queen’s Platinum Jubilee Cookbook, and so presumably knows the risks of too many cooks in the kitchen, yet called on the civil service to hire more ex-private sector recruits (like himself, funny that) and for “greater ministerial control over mandarins” – anyone who has followed Kemi Badenoch’s dismal performance on Iran this week will have their heart in their mouth at this point.
I’m afraid to say that I regard Mr Kotecha’s decision as rather unpatriotic. The civil servants I know are very much aware of how the system needs improving – although complaining about lawyers doing their job as Kotecha did does feel a touch Alice Through the Looking Glass – but continue to work for the mission of King and Country, and do so with diligence.
One of Kotecha’s complaints in his Times interview was that after war broke out this weekend, the main news on the Foreign Office intranet concerned the “FCDO capability framework and self-assessment”, urging all staff to “take charge of your development”.
My friend, welcome to all companies, ever. Intranets do not exist to tell us the news, but that the fourth floor will be closed on Thursday due to necessary deep cleaning following the unfortunate flooding incident. HR departments do not cease their pursuit of our training objectives in recognising spam email simply because war has broken out.
Unfortunately, this does also go both ways, and so to the unedifying sight of a flash mob of MPs cha-cha-cha’ing through Portcullis House. I was less surprised to see Sir Lindsay Hoyle cheek to cheek with Angela Rippon – the man spots a photo opportunity like an owl sights a vole from three fields away – nor indeed to see so many MPs grinning away while carrying out a routine choreographed by Kai from Strictly. To members, a lobbying group of celebrities must possess all the allure that an all-catered Pret lunch holds to the average office worker.
But Your Party MP Zarah Sultana hit the nail on the head when she said, “The optics of MPs doing Strictly Come Dancing in parliament while the world teeters on the brink of World War Three is completely inappropriate.” And if anyone knows about bad optics, it’s the woman who boycotted her own party conference.
It doesn’t matter if it took place at lunch, at night, or first thing in the morning. Nor that so many Strictly alumni attended (they even got Arlene Phillips). MPs doing anything that doesn’t appear to be backbreaking and faintly hideous elicits the same response in the public as the mere suggestion of working from home does for Nigel Farage: lazy! Wasting our money! Do some proper work.
All that said, there is something mind-bogglingly annoying about all this. MPs dancing simply brings to mind the number of delayed bills that could be being discussed and voted on. The 100 sober women raising their phone lights to the sky in silent tribute to Sarah Everard, murdered five years ago, and with little improvement to women’s safety to show for it. And it gives rise to endless comments of “MPs dance as the Middle East burns”.
There is something powerfully, even palpably irksome about British politicians showing they have zero rhythm. It is a sight so infuriating it seems to trigger a national migraine: think Theresa May wobbling onto her party conference stage, or Boris Johnson lumbering like a collapsing deck chair at his (most recent) wedding. To which you might say, well, maybe they just need lessons.
It’s frustrating because, yes, absolutely parliament is another giant company, with a giant intranet, and a giant ancient office held together by asbestos and yellow signs warning about leaking loos. But it is also the picture of democracy, and Britain has been severely shaken by the speed at which democracy has been apparently overturned in the US, hitherto the very seat of Western values.
Britons have long held onto a superior idea of being better than everyone else, however laughable this may be. And my word, we do need our MPs to laugh and to be human rather than divisive mouthpieces. Just not en masse in office hours, no matter how tempting a spread is being offered. It only makes it easier for our enemies to score us nil points.
Huge lay-offs continue as major global investment bank cuts 2,500 jobs
Morgan Stanley has become the latest US corporate giant to axe staff, with 3 per cent of its global workforce being made redundant.
The global bank is said to be laying off about 2,500 workers despite record revenues last year of more than $70bn (£60bn). It made profits of nearly $17bn.
It is unclear how many roles could be cut from its London office, which employs around 4,500 staff. The London office of Morgan Stanley has been approached for comment.
The move follows similar sweeping cuts at Nike, Dow and Amazon. The online shopping giant cut 16,000 roles in January and around 100 more this week from its robotics unit.
The Morgan job cuts are understood to come across all three of its major divisions – investment banking, wealth management and investment management.
The company told the Wall Street Journal that the cuts are a result of changing business and location priorities, as well as individual job performance.
While Morgan Stanley did not specifically mention the growth of AI as a reason for the job losses, there are fears across the economy of what impact the new technology is having.
Chief executive Ted Pick said in 2024 he believed AI would make his staff more effective, saving financial advisers between 10 and 15 hours a week.
Morgan Stanley shares were up slightly today at $167.58. They have more than doubled in the last five years.
If other large banks replicate Morgan’s move, that would mean tens of thousands of job losses on Wall Street and in the City of London.
City veteran Richard Hunter of Interactive Investor said: “For the moment, it remains a trickle rather than a flood. However, for the US jobs market as a whole, there are simmering concerns about the effects of AI automation.”
In the City in particular there have been nerves about a lack of new stock market flotations, heavy fee drivers for the investment banks.
Some bankers blame the London Stock Exchange Group, the owner of the stock exchange, for not promoting it as a venue for big flotations sufficiently.
One issue for staff is a push by the big banks to get them to return to offices full time.
JP Morgan’s chief executive Jamie Dimon has been particularly outspoken on this issue, insisting that working from home does not work for him.
The job cuts are not limited to the investment banks. Last year in September, Lloyds Bank said 3,000 roles would go, claiming staff were underperforming.
Even the Bank of England, traditionally seen as a job for life, said hundreds of jobs were at risk as part of a £45m cost-cutting drive.